Rising Home Prices Still Far From Peak: With home prices accelerating, potential buyers might be wondering if they’re too late. Is the buyer’s market over?
The S&P/Case-Shiller Home Price Index (HPI)—a leading measure of U.S. home prices—increased a sharp 7.3% for the 10-City Composite, and 8.1% for its 20-City Composite from January 2012–2013. That constituted its largest year-over-year gain in more than six years. But home prices are still far from their peak. Despite the rally in homeowners’ equity, prices are still only around 70% of their June/July 2006 high.
Home prices have risen in part because historically low interest rates and an improving job market have brought many buyers back into the market. The average rate on the 30-year fixed loan for 2012 was around 3.7% according to Freddie Mac. Borrowers have never seen borrowing rates this low—ever.
So if you want to buy that next home—with rates at an all-time low and prices still about 30% from their peak—it begs the question. Why wait for interest rates to rise and prices to climb?
701-05 - Best Deal In Federal Way!
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31010 18th Ave So. #5, Federal Way, WA 98003
$695/mo. - 1 bd / 1.0 ba
575-1 - Two Bedroom Conveniently Located in Burien
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15425 - 6th Avenue SW #1, Burien, WA 98166
$865/mo. - 2 bd / 1.0 ba
Square feet: 840
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